Anita Lee is reporting that Allstate and Nationwide have agreed to pick up the 900 or so homeowners policies State Farm is cancelling along the coast. Neither company has a good claims handling track record so my personal advice to these people is to do some homework on the internet and see an independent agent.
Insurance Commissioner Mike Chaney said Thursday that Allstate and Nationwide have agreed to pick up policyholders being dropped by State Farm. Allstate and Nationwide will offer those residents homeowner policies without wind coverage.
After Nov. 30, State Farm will cancel homeowner coverage that includes wind for about 890 policyholders within 1,000 feet of the Mississippi Sound and bays that spill into it. That number could go higher unless Chaney approves State Farm’s request for a minimum 5 percent hurricane deductible in the three Coast counties, coupled with 6 to 18 percent rate increases.
Filed under: Allstate, Insurance, Nationwide, Sop, State Farm | Tagged: Allstate, Coastal Insurance Crisis, Nationwide, State Farm
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